Europe Day Ahead: Egypt edges towards the abyss

Monday, July 08, 2013 - 02:26

July 8 - The focus stays on Egypt as Islamists call for an uprising against the army. Meanwhile, Greece and Portugal top the agenda for EU finance ministers, and M&S braces for an eighth quarter of gloom.

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All eyes on Egypt's as the country's likes to put into turmoil at least fourteen people were killed today. And business protestors say government forces opened fire on a mourning procession in the capital Cairo. The military has a different vest and seeing terrorists tried to storm an army compound. One is on the spot you know pulling out of talks over a new government some supporters of deposed president Mohammed mercy also calling for an uprising against army. So -- imagine markets just as Benoit on says investors another having a rapidly think. On Egypt. Let them phrase he has several and and countries is. Serious doubts upon its own. Internist or in this involvement in agent this is Judy back to the drawing board and this is an escalation of the situation so we are. Very very nervous at this point -- we used to be bullish on the it should by the way in the personal Google but as we've cut our positions. Trade ideas. And all we are quite bearish. EU finance ministers gather tomorrow in Brussels the meeting comes a day after you -- zone ministers we're due to the site on fresh aid for Greece. Those talks still under way as we have -- this program but it's clear that a divisions over whether it's forced to force Athens to push through unpopular reforms. Portugal also likely to get the warning that this political turmoil shouldn't delay plans it's on to the bond markets. They've only big data points come from the UK manufacturing and industrial output both seem picking up in Maine. But an export led recovery still looks a distant prospect with the trade deficit for the same month forecast to white didn't even -- economists polled by Reuters. That's a gap of just under eight and a half billion pounds. London also hosting the day's -- bond auction one point four billion pounds of inflation linked debt due on the block that. Utica and salmon season also starting to crank up again Marks & Spencer as the big named to watch tomorrow and the British retailer. Expected to report an eighth straight quarter of falling nonfood sales. Analysts predicting a not point 2% decline and like for like sales for the 129. -- company. That's likely to increase pressure on management to deliver a -- -- when you seasoning to start to go on sale we took this month. Plus a look ahead to Tuesday's key events on TV we give up the survivors.

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